Source: Lynxbroker
Munters share: chart from 23.06.2025, price: EUR 11.42 - symbol: 1MS | source: TWS
Investors are looking for new opportunities outside the USA. Muntersa Swedish specialist in air conditioning technology, could be a possibility
The hard facts
One euro is currently equivalent to SEK 11.2 (Swedish kronor).
Since the Börsengang in 2017, sales have increased from SEK 6.61 billion to SEK 15.45 billion.
The operating margin has improved significantly from 7% to 12% and earnings have more than doubled from SEK 1.90 to SEK 5.33 per share.
The Dividende dividend was increased from SEK 0.30 to SEK 1.30 per share during this period. A dividend of SEK 1.60 per share has been proposed for this year, which corresponds to a dividend increase of 1.3%. Dividendenrendite of 1.3 %.
The number of shares outstanding Aktien has remained unchanged since the IPO, so growth has not been financed by issuing new shares.
The bubble has burst
The business development is impressive and the shares have performed well accordingly. However, as is so often the case, Munters also went through a boom and bust cycle.
At times, the share price outperformed the already strong fundamentals, causing the valuation to rise further and further. At the high KGVlast year was over 50.
Ultimately, this resulted in a share price collapse, although Munters was able to increase profits by 24% in the 2024 financial year.
The P/E ratio is now 23.1, which is quite reasonable in view of the strong long-term performance and is below the average P/E ratio of 26.7 since the IPO.
In the first quarter of the current financial year, Munters significantly increased sales by 18% to SEK 3.71 billion, with 11% attributable to acquisitions and 2% to positive currency effects.
The company has always made steady acquisitions, taking over smaller competitors, such as the Italian company Airprotech srl last year. The new subsidiary recently generated sales of around SEK 330 million.
Outlook
Operating cash flow for the year increased from SEK 511 to 541, but net income fell from SEK 233 to 198.
Earnings per share fell from SEK 1.22 to SEK 1.05 per share.
Nevertheless, earnings are expected to increase by 4% to SEK 5.52 per share in the current financial year.
The strong order intake suggests that this can be achieved.
The company recently recorded a 27% increase in incoming orders. In the DCT (Data Center Technologies) segment, the order volume has roughly tripled over the year.
Sales in this area increased by 57% over the year to SEK 1.51 billion. DCT is the clear growth driver in the Group and could soon overtake the former core business (AirTech).
Huge profit increases are therefore expected in the coming years. According to consensus estimates, earnings are set to increase by more than 40% in 2026. If the forecasts are correct, this would reduce the P/E ratio to 16.4. However, it is much more likely that the share price will rise significantly in this scenario.
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